The Financial Services Institute (FSI) announced Tuesday that NEXT Financial Group, Transamerica Financial Advisors and The Strategic Financial Alliance have joined as members, collectively adding 2,500 new independent advisor members to FSI.
Advisors’ first-year membership is offered on a complimentary basis by the firms, FSI says. After that, advisors get a firm-discounted price of $99 per year.
Keith Kelly, FSI’s executive vice president and COO, said in a statement that while FSI “intentionally grew our Financial Advisor Membership this year … this isn’t and never will be a membership numbers game to us. This is solely about unifying all independent financial advisors, with various business models, to speak with one voice and bring about healthy regulatory reform, strengthen their businesses and protect their clients.”
Barry Knight, president of NEXT Financial Group, said in the same statement that “at the core of NEXT culture is the appreciation for our representatives’ participative voice in the governance of our company. It is therefore a natural extension of our culture to encourage and enable our representatives to share their voice in how our industry is regulated. By promoting representative level participation through FSI membership, we believe we are serving our representatives, company and industry.”
Clive Slovin, SFA president and CEO, added that by partnering with FSI, “we help ensure that our unique business model is understood and considered in the ongoing debate about regulatory and legislative reform that impacts our business and advisors clients.”
“Now more than ever, firms and their representatives need to be informed and engaged on national and state regulatory matters,” said Seth Miller, president of Transamerica Financial Advisors. “To that end, TFA feels that providing FSI membership to our representatives gives them a platform by which they can share their opinions, knowledge and insights with policymakers.”